Financing a Condo to Fix then Rent

[Adam DAnna]

I am looking to finance a foreclosed condo in Mercer County, New Jersey.

- Purchase Price: $92,000

- Repair Budget: $25,000

I was quoted the following terms with a Homestyle Renovation Mortgage:

-Total Loan Amount: $96,040 

- Interest Rate: 5.125%

- Origination Fee: 3.50% ($4,356.40) 

I am wondering if these loan terms (particularly the high origination fee) seem fair. Am I better off looking for a Hard Money Lender then refinancing when the property is rented out? 

I appreciate any and all feedback.